The U.S. economy grew at its slowest pace in two years during the first quarter this year, growing at a 3.1 percent annual rate of expansion as consumers and businesses curbed spending in the face of rising prices, the Commerce Department said on Thursday.
The expansion in gross domestic product was the weakest since a 1.9 percent pace during the first quarter of 2003 and was an unexpected slowdown from the 3.8 percent rate registered in the fourth quarter of 2004. Wall Street economists had forecast first-quarter GDP would grow at a 3.6 percent rate.
